GlobeSt.com: I've talked with Canada commercial real estate executives, the news there is a stable and growing economy. Why do they continue to want to invest in the United States?

Stone: There are several reasons:

1. Availability is a big one – it is customary to buy and hold in Canada, thus very little comes available at any given moment, while here in the US it is more common to buy and resell five to seven years later, thus giving them the ability to place capital.

2. Yield is another – despite the loft pricing we have been seeing they can still buy and see a better overall yield when compared to Canada. A similar asset trading in Canada might be at 5% cap when it would trade at a 6% cap here.

3. Leverage is another, especially for multifamily -- thanks to Fannie Mae and Freddie Mac, an investor can lock in a higher LTV here than in most countries.

GlobeSt.com: Has there been a major dropoff or increase by one country or another in US investment? Or will there be this year?

Stone: Canada and the Netherlands have dominated capital sales trends in the United States for the past 36 months. This is very different from 2008 when Australia, Germany and the United Kingdome would have been at the top of the pile. We expect 2012 to be similar to the recent past. As it relates to who will be investing here though, for Florida, we expect to see more money out of Brazil and South America.

GlobeSt.com: How do you think the European debt crisis will affect investment into the United States in 2012?

Stone: While it is impossible to truly know the level of our exposure to European debt, the general consensus is that the US real estate world is in pretty good condition, thus a good place to weather the storm given the alternatives.

GlobeSt.com: Has there been a growth or decline in sovereign debt into the US?

Stone: It’s not easy to answer this question since it is often hard to identify the true source of the money. Most foreign buyers are very secretive and money pooled into a fund is often a way to disguising the source.

GlobeSt.com: We know that multifamily is by far the hottest asset class, but what is the interest by foreign investors for other property types in the United States?

Stone: Office is historically very strong, and is still the top attraction. It’s too early to tell what the growth pattern for 2012 will look like, but I suspect that multifamily will continue to be the second only to office, just as it was in 2011.